Goldman Sachs Is Bullish On BTC: New Target At $13,971

The latest cryptocurrency news feature Goldman Sachs, which gave a bullish prediction for the Bitcoin price. We can see that the global investment firm Goldman Sachs is bullish on BTC after it shared a price prediction with a short term target of $13,971, as shared on Twitter.

What we can see is that the target given is based on Elliott Wave Theory, which forecasts market trends by determining the extremes in investor psychology along with price highs and obviously, price lows. As many best cryptocurrency news sites noted, it seems that the analyst from Goldman Sachs is bullish when it comes to BTC.

What is more surprising: that Goldman Sachs has a bullish target on $BTC, that they have any target at all, or that they use Elliott Wave Theory?

I'm personally most surprised they cant be bothered to use a chart that includes weekend price action. pic.twitter.com/ocpq7hr0qv

— Su Zhu (@zhusu) August 12, 2019

He said that Bitcoin will rebound from support around $11,094 and will leave room for at least one leg higher towards $12,916 and $13,971. This, as he noted, could complete a V wave count from July and produce a short-term top or consolidation.

The analyst also suggested that this could be the first leg of a five wave count. In other words, he was featured in the altcoin news too because Bitcoin is known for triggering altcoins to rise. Now that Goldman Sachs is bullish, we could expect a lot more happening in the industry surrounding Bitcoin.

When addressing the potential five wave count, any retracement from $12,916 to $13,971 could present a buying opportunity. This is mostly because after the consolidation period, the BTC price could once again resume the highs unless it goes below and revisit the previous recent lows of $9,084.

Even though Goldman Sachs is bullish on BTC, the note suggests that there may be a short term stop at the level of $10,791. Meanwhile, the investment banking and management firm has taken an increasing interest in the cryptocurrency market. As we reported in our coming altcoin news recently, Goldman Sachs has gone from “looking at the potential” of launching its own virtual token – to actually making hires in order to accelerate the program.

Meanwhile, the current day prices illustrate a total market cap of $296.6 billion where Bitcoin (BTC) is trading at $11,392 with a market cap of $203 billion and a dominance of 68.5%. The daily trading volume for the day is close to $50 billion.